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The offshore drilling services market is expected to grow from $73.1bn in 2013 to $121.1bn by 2018, growing at a compounded annual growth rate (CAGR) of 10.6%, according to a new report published by market research and consulting firm, MarketsandMarkets.

The report said that the market will grow primarily due to new offshore discoveries and exponential rise in demand for energy worldwide.

The offshore drilling services market, which is growing after the slump following the oil spill in the US Gulf of Mexico in 2010, includes contract drilling services, as well as directional and logging while drilling services and various submarkets.

MarketsandMarkets noted that the golden triangle, which includes Brazil, US Gulf of Mexico and West Africa, are the key markets for offshore activities.

"The market will grow primarily due to new offshore discoveries and exponential rise in demand for energy worldwide."

The report, which analyses offshore drilling activities on the basis of shallow, deep and ultra-deepwater activities, estimates that offshore oilfield operators, said that Asia-Pacific is the emerging market in terms of demand for energy and offshore drilling activities.

The report will also look to re-develop current fields and explore ultra-deep water reserve potentials.

Offshore oilfield operators will focus on developing new technologies through research and development and incorporate their existing technologies to reduce high risk and associated cost.

The research firm projects shallow water activities, and deepwater and ultra-deepwater activities to rise in the near future.